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Life Insurance Losses From Quake May Be Small: III

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NU Online News Service, Dec. 29, 2004, 2:45 p.m. EST

Areas hit by this weekend’s earthquake and tsunamis near Indonesia carry little insurance, the Insurance Information Institute observes.

“Insured losses are likely to be modest relative to the scale of the disaster,” says the III, New York.

For example, Indonesia had total life insurance premiums of less than $1.4 billion in 2003, III reports. Of these, roughly $221 million was covered by the Malaysian insurer Bumiputera, while AIG Lippo Life, Jakarta, covered around $184 million.